A small farmer produces two types of crops, A and B. A and B generate $30...
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A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel respectively. The crops vary in the mount of resources required to produce them as shown in the table below: Resource Crop A Crop B Units Available Land 2 3 60 Water 5 2 80 Fertilizer 3 2 60 Labor 1 2 40 A) What is the maximum profit, and how much of each crop should be produced? B) What allocation of resources will maximize the farmer's profit? C) Use shadow price analysis to determine what additional resources the farmer should seek? A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel respectively. The crops vary in the mount of resources required to produce them as shown in the table below: Resource Crop A Crop B Units Available Land 2 3 60 Water 5 2 80 Fertilizer 3 2 60 Labor 1 2 40 A) What is the maximum profit, and how much of each crop should be produced? B) What allocation of resources will maximize the farmer's profit? C) Use shadow price analysis to determine what additional resources the farmer should seek?
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Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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